Announcement of the Resolutions of the Board of Directors

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Stock Code: 1398 EUR Preference Shares Stock Code: 4604 USD Preference Shares Stock Code: 4620

ANNOUNCEMENT OF THE RESOLUTIONS OF THE BOARD OF DIRECTORS

A meeting of the board of directors (the “Board”) of Industrial and Commercial Bank of China Limited (the “Bank”) was held at the Bank’s head office at 55 Fuxingmennei Avenue, Xicheng District, Beijing on 25 September 2020. There were 13 directors eligible for attending the meeting, of whom 12 directors attended the meeting in person and 1 director attending the meeting by proxy, namely Mr. Chen Siqing, Chairman of the Board, appointed Mr. Gu Shu, Vice Chairman of the Board, to attend the meeting and to exercise the voting right on his behalf. Mr. Guan Xueqing, the Board Secretary, attended the meeting. Certain members of the board of supervisors were in attendance at the meeting. The meeting was convened in compliance with the provisions of the laws, regulations, and requirements under the Articles of Association of Industrial and Commercial Bank of China Limited and the Rules of Procedures for the Board of Directors of Industrial and Commercial Bank of China Limited.

Mr. Gu Shu, Vice Chairman of the Board, presided over the meeting on the behalf of Mr. Chen Siqing, Chairman of the Board, and the directors attending the meeting considered and approved the following proposals:

1. Proposal on the Measures for the Strategic Risk Management (2020)

Voting result of this proposal: 13 valid votes, 13 voted in favour of this proposal, 0 voted against and 0 abstained from voting.

2. Proposal on the Payment Plan of Remuneration to Senior Management Members for 2019

Mr. Chen Siqing, Mr. Gu Shu and Mr. Liao Lin have not participated in the voting as they had interests in the proposal.

Voting result of this proposal: 10 valid votes, 10 voted in favour of this proposal, 0 voted against and 0 abstained from voting.

1 The views of Independent Directors on this proposal: Agree.

The Remuneration of Senior Management Members for 2019 is set out in Appendix 1.

3. Proposal on the Payment Plan of Remuneration to Directors for 2019

Voting results of this proposal are as follows:

Valid Item votes For Abstained Against Remarks Annual remuneration situation of 12 12 0 0 Mr. Chen Siqing has Mr. Chen Siqing for 2019 not participated Annual remuneration situation of 12 12 0 0 Mr. Gu Shu has not Mr. Gu Shu for 2019 participated Annual remuneration situation of 13 13 0 0 Mr. Hu Hao for 2019 Annual remuneration situation of 13 13 0 0 Mr. Ye Donghai for 2019 Annual remuneration situation of 12 12 0 0 Mr. Lu Yongzhen has Mr. Lu Yongzhen for 2019 not participated Annual remuneration situation of 12 12 0 0 Mr. Zheng Fuqing has Mr. Zheng Fuqing for 2019 not participated Annual remuneration situation of 12 12 0 0 Ms. Mei Yingchun has Ms. Mei Yingchun for 2019 not participated Annual remuneration situation of 13 13 0 0 Mr. Dong Shi for 2019 Annual remuneration situation of 12 12 0 0 Mr. Anthony Francis Mr. Anthony Francis Neoh for Neoh has not 2019 participated Annual remuneration situation of 12 12 0 0 Mr. Yang Siu Shun has Mr. Yang Siu Shun for 2019 not participated Annual remuneration situation of 13 13 0 0 Ms. Sheila Colleen Bair for 2019 Annual remuneration situation of 12 12 0 0 Mr. Shen Si has not Mr. Shen Si for 2019 participated Annual remuneration situation of 12 12 0 0 Mr. Nout Wellink has Mr. Nout Wellink for 2019 not participated Annual remuneration situation of 12 12 0 0 Mr. Fred Zuliu Hu has Mr. Fred Zuliu Hu for 2019 not participated

2 Valid Item votes For Abstained Against Remarks Annual remuneration situation of 13 13 0 0 Mr. Yi Huiman for 2019 Annual remuneration situation of 13 13 0 0 Mr. Tan Jiong for 2019 Annual remuneration situation of 13 13 0 0 Mr. Cheng Fengchao for 2019 Annual remuneration situation of 13 13 0 0 Mr. Hong Yongmiao for 2019

The views of Independent Directors on this proposal: Agree to submit this proposal to the general meeting of shareholders of the Bank for consideration.

This proposal shall be submitted to the general meeting of shareholders of the Bank for consideration.

The Payment Plan of Remuneration to Directors for 2019 is set out in Appendix 2.

Appendix 1: Remuneration of Senior Management Members for 2019

Appendix 2: The Payment Plan of Remuneration to Directors for 2019

The Board of Directors of Industrial and Commercial Bank of China Limited

Beijing, PRC 25 September 2020

As at the date of this announcement, the board of directors comprises Mr. CHEN Siqing, Mr. GU Shu and Mr. LIAO Lin as executive directors, Mr. LU Yongzhen, Mr. ZHENG Fuqing, Ms. MEI Yingchun, Mr. FENG Weidong and Ms. CAO Liqun as non-executive directors, Mr. Anthony Francis NEOH, Mr. YANG Siu Shun, Mr. SHEN Si, Mr. Nout WELLINK and Mr. Fred Zuliu HU as independent non-executive directors.

3 Appendix 1:

Remuneration of Senior Management Members for 2019

Unit: RMB10,000

Details of remuneration before tax received from the Bank for 2019 Contribution by the employer to social insurance, annuities, Obtain additional remuneration medical from insurance Other shareholder Remuneration and housing monetary entities or payable allowance income Total other related Name Position 1 2 3 4=1+2+3 parties or not Senior Management members incumbent at the end of 2019 Chen Siqing Chairman of the Board, Executive Director 56.85 10.93 — 67.78 No Gu Shu Vice Chairman of the Board, Executive Director, President 85.27 16.63 — 101.90 No Hu Hao Executive Director, Senior Executive Vice President 76.75 16.23 — 92.98 No Liao Lin Senior Executive Vice President 6.40 1.34 — 7.74 No Wang Bairong Chief Risk Officer 207.85 22.53 — 230.38 No Guan Xueqing Board Secretary 218.51 22.81 — 241.32 No Senior Management members leaving office in 2019 Yi Huiman Chairman of the Board, Executive Director 14.21 2.85 — 17.06 No Tan Jiong Executive Director, Senior Executive Vice President 57.56 12.22 — 69.78 No

Notes:

1. Remuneration of the Chairman of the Board, the President, Executive Directors and Senior Executive Vice Presidents of the Bank is governed by the relevant government remuneration policies in relation to the persons in charge of central government-owned financial enterprises. The remuneration before tax payable to the Chairman of the Board, the President, Executive Directors and other senior management members of the Bank set out in the table above represents the total amount of remuneration for 2019 for each of these individuals, which includes figures disclosed in the 2019 Annual Report of the Bank.

2. Pursuant to relevant government regulations, the incentive compensation during the period 2015–2017 for the Chairman of the Board, the President and the Executive Directors of the Bank was paid and distributed in 2018, which was calculated based on circumstances such as the periods of appointment and the results of the performance reviews during the appointment. In 2019, additional and separate accruals thereby for Mr. Yi Huiman, Mr. Gu Shu, Mr. Hu Hao and Mr. Tan Jiong were the annuity contribution unit payments of RMB28.7 thousand, RMB26.9 thousand, RMB18.8 thousand and RMB10.5 thousand respectively.

4 3. Pursuant to relevant government regulations, as part of the total remuneration before tax payable to the Chief Risk Officer and the Board Secretary for 2019, payment of 50% or more of the performance-based salary will be deferred. The deferred amount will be accrued in the Bank’s accounts. The deferred payment will be made having regard to the operating performance and status for the years 2020 to 2022, and the proportion payable each year will be one third of the amount. The deferred payment for the performance-based salaries of Mr. Wang Bairong, as the former Chief Risk Officer, for 2019 is RMB717.2 thousand and the actual amount of remuneration (pre-tax) paid for 2019 is RMB1,586.6 thousand. The deferred payment for the performance-based salaries of Mr. Guan Xueqing, as Board Secretary, for 2019 is RMB754.0 thousand and the actual amount of remuneration (pre-tax) paid for 2019 is RMB1,659.3 thousand.

4. Please refer to the 2019 Annual Report and the relevant announcements for change in personnel of the Bank for the start and the end of the respective terms of office in respect of senior management members of the Bank. Changes in the employment of senior management members of the Bank from 2019 until now are shown as follows:

(1) In January 2019, Mr. Yi Huiman ceased to act as Chairman of the Board and Executive Director of the Bank due to change of job assignments.

(2) In May 2019, Mr. Chen Siqing took office as Chairman of the Board and Executive Director of the Bank.

(3) In June 2019, Mr. Hu Hao took office as Executive Director of the Bank.

(4) In June 2019, Mr. Tan Jiong took office as Executive Director of the Bank.

(5) In September 2019, Mr. Tan Jiong ceased to act as Executive Director and Senior Executive Vice President of the Bank due to change of job assignments.

(6) In November 2019, Mr. Liao Lin took office as Senior Executive Vice President of the Bank.

(7) In February 2020, Mr. Hu Hao ceased to act as Executive Director and Senior Executive Vice President of the Bank due to change of job assignments.

(8) In April 2020, Ms. Xiong Yan took office as Chief Business Officer of the Bank.

(9) In April 2020, Mr. Song Jianhua took office as Chief Business Officer of the Bank.

(10) In April 2020, Mr. Wang Jingwu took office as Senior Executive Vice President of the Bank.

(11) In April 2020, Mr. Wang Bairong took office as Chief Business Officer of the Bank, and ceased to act as Chief Risk Officer.

(12) In April 2020, Mr. Liao Lin served concurrently as Chief Risk Officer of the Bank.

(13) In July 2020, Mr. Zhang Wenwu took office as Senior Executive Vice President of the Bank.

(14) In July 2020, Mr. Liao Lin took office as Executive Director of the Bank.

(15) In July 2020, Mr. Xu Shouben took office as Senior Management member of the Bank.

5 Appendix 2:

Payment Plan of Remuneration to Directors for 2019

Unit: RMB10,000

Details of remuneration before tax received from the Bank for 2019Note 1

Contribution by the employer to social insurance, annuitiesNote 2, Obtain additional remuneration medical from insurance shareholder Remuneration and housing Other monetary entities or other payable allowance income Total related parties Name Position 1 2 3 4=1+2+3 or not

Directors incumbent at the end of 2019

Chen Siqing Chairman of the Board, Executive Director 56.85 10.93 — 67.78 No

Gu Shu Vice Chairman of the Board, Executive Director, President 85.27 16.63 — 101.90 No

Hu Hao Executive Director, Senior Executive Vice President 76.75 16.23 — 92.98 No

Ye Donghai — — — — Yes

Lu Yongzhen — — — — Yes

Zheng Fuqing Non-executive Director — — — — Yes

Mei Yingchun — — — — Yes

Dong Shi — — — — Yes

Anthony Francis Neoh 47.54 — — 47.54 Yes

Yang Siu Shun 44.63 — — 44.63 Yes

Sheila Colleen Bair 42.96 — — 42.96 Yes Independent Non-executive DirectorNote 3 Shen Si 44.46 — — 44.46 Yes

Nout Wellink 42.29 — — 42.29 No

Fred Zuliu Hu 30.75 — — 30.75 Yes

6 Details of remuneration before tax received from the Bank for 2019Note 1

Directors leaving office in 2019

Yi Huiman Chairman of the Board of Directors, Executive Director 14.21 2.85 — 17.06 No

Tan Jiong Executive Director, Senior Executive Vice President 57.56 12.22 — 69.78 No

Cheng Fengchao Non-executive Director — — — — Yes

Hong Yongmiao Independent Non-executive Director 12.47 — — 12.47 Yes

Notes:

1. Remuneration of the Chairman of the Board of Directors, the President and Executive Directors of the Bank is governed by the relevant government remuneration policies in relation to the persons in charge of central government-owned financial enterprises. The remuneration before tax payable to the Chairman of the Board, the President and other Directors of the Bank set out in the table above represents the total amount of remuneration for 2019 for each of these individuals, which includes figures disclosed in the 2019 Annual Report of the Bank.

3. The basis for determining the amount of allowance to be paid to the Independent Non-executive Directors of 2019 is that each Independent Non-executive Director is entitled to a basic allowance of RMB300,000 per person per annum. Each Independent Non-executive Director will also be entitled to an additional allowance of RMB50,000 per annum for being a chairman of each of the special board committees, an additional allowance of RMB40,000 per annum for being a vice chairman of each of the special board committees and an additional allowance of RMB30,000 per annum for being a member of each of the special board committees.

4. Please refer to the 2019 Annual Report and the relevant announcements for change in personnel of the Bank for the start and the end of the respective terms of office in respect of Directors of the Bank. Changes in the employment of Directors of the Bank from 2019 until now, are shown as follows:

(1) In January 2019, Mr. Yi Huiman ceased to act as Chairman of the Board and Executive Director of the Bank due to change of job assignments.

(2) In April 2019, Mr. Fred Zuliu Hu took office as Independent Non-executive Director of the Bank.

7 (3) In April 2019, Mr. Hong Yongmiao ceased to act as Independent Non-executive Director of the Bank due to expiration of his term of office.

(4) In April 2019, Mr. Cheng Fengchao ceased to act as Non-executive Director of the Bank due to his age.

(5) In May 2019, Mr. Chen Siqing took office as Chairman of the Board and Executive Director of the Bank.

(6) In June 2019, Mr. Hu Hao took office as Executive Director of the Bank.

(7) In June 2019, Mr. Tan Jiong took office as Executive Director of the Bank.

(8) In August 2019, Mr. Lu Yongzhen took office as Non-executive Director of the Bank.

(9) In September 2019, Mr. Tan Jiong ceased to act as Executive Director of the Bank due to change of job assignments.

(10) In January 2020, Mr. Feng Weidong took office as Non-executive Director of the Bank.

(11) In January 2020, Ms. Cao Liqun took office as Non-executive Director of the Bank.

(12) In February 2020, Mr. Hu Hao ceased to act as Executive Director of the Bank due to change of job assignments.

(13) In February 2020, Mr. Dong Shi ceased to act as Non-executive Director of the Bank due to change of job assignments.

(14) In March 2020, Mr. Ye Donghai ceased to act as Non-executive Director of the Bank due to change of job assignments.

(15) In March 2020, Ms. Sheila Colleen Bair ceased to act as Independent Non-executive Director of the Bank due to expiration of her term of office.

(16) In July 2020, Mr. Liao Lin took office as Executive Director of the Bank.

5. Remuneration of Mr. Ye Donghai, Mr. Lu Yongzhen, Mr. Zheng Fuqing, Ms. Mei Yingchun, Mr. Dong Shi and Mr. Cheng Fengchao for 2019 has been received from Central Huijin Investment Ltd, not from the Bank.

6. As the Bank’s Independent Non-executive Directors and some of the Bank’s Non-executive Directors served as directors or senior management of other legal persons or organizations other than the Bank or the controlled subsidiaries of the Bank, such legal persons or organizations became related parties of the Bank. Some of the abovementioned Directors obtained remuneration from such related parties. Except to the extent of the aforementioned circumstances, none of the Bank’s Directors received remuneration from related parties of the Bank in 2019.

7. The total remuneration before tax for Directors, Supervisors and senior management members paid by the Bank for 2019 is approximately RMB13.47 million.